Cardano: Obstacles on the Path to New Records

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by Giorgi Kostiuk

2 years ago

In recent weeks, Cardano's price has been closely following Bitcoin but has yet to achieve a new record high. Overcoming one significant hurdle is necessary for this to happen.

The ADA/USDT Chart

On the ADA/USDT chart, the asset has been almost vertically rising, breaking several resistance levels, including the 200-day moving average, which is a key trend indicator. However, the $1.2 resistance level has prevented the market from rising further, and the price is consolidating below it for the moment. Although it visually forms a head and shoulders pattern, as long as the $0.75 support zone holds, the market structure remains bullish, and a new record high can be reached.

The ADA/BTC Chart

The ADA/BTC chart shows an almost similar picture to the ADA/USDT one with one key difference. The head and shoulders pattern is forming above a significant level marked as the 1000 SAT area. If the neckline of the pattern, coinciding with the 1000 SAT level, breaks down, a drop toward the 200-day moving average located around the 700 SAT mark is likely. Conversely, if the 1000 SAT area holds, a further rally toward the 1500 SAT resistance zone is very likely in the coming weeks.

Cardano is on the verge of significant price shifts with potential new records. However, overcoming existing resistance levels on both key charts will be needed to reach these goals.

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